- Buying activity improves, finished steel prices increase
- Higher raw material costs likely to support prices in near term
Domestic sponge iron prices rose by around INR 100-1,300/t d-o-d across regions, supported by improved buying sentiment and increased buyer participation.
PDRI prices increased by around INR 400-1,100/t. In Raipur, PDRI prices settled at approximately INR 28,500/t exw-Raipur, up by INR 600/t. CDRI prices also rose by around INR 100-1,300/t, with Raigarh recording a significant increase of INR 1,300/t. In Rourkela, CDRI benchmark prices settled at around INR 28,250/t, rising by INR 450/t.
Overall, the market showed strong momentum. Higher raw material costs are likely to provide further support to market sentiment, while improving finished steel demand could strengthen buying activity. Finished steel prices rose by INR 100-1,000/t d-o-d across key markets today. However, buyers currently have sufficient material availability and are therefore adopting a cautious, need-based purchasing approach. As a result, trade activity remains moderate.
Despite this cautious buying pattern, market momentum remains positive. BigMint recorded a trade volume of around 22,000 t, highlighting healthy market participation and indicating continued strength in the sponge iron market.
Rationale
Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as T1 and given aweightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.
Click here for detailed methodology
Leave a Reply